13F-HR 1 sec13f033103.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31,2003 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement [ ] adds new holdings entries Institutional Investment Manager Filing this Report: Name: Trees Investment Counsel, LLC Address: 70 West Madison Street Suite 640 Chicago,IL 60602 13F File Number: 28-5659 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: M. Jay Trees Title: President Phone: 312-368-1200 Signature, Place, and Date of Signing: M. Jay Trees, Chicago, 04/17/03 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 0 FORM 13F INFORMATION TABLE ENTRY TOTAL: 81 FORM 13F INFORMATION TABLE VALUE TOTAL: $109,403,008 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME FORM 13F INFORMATION TABLE AS OF DATE: 03/31/03 VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M COMPANY COM COM 88579Y101 351 2700 SH SOLE 1700 0 1000 ABBOTT LABORATORIES COM 002824100 2958 78644 SH SOLE 38644 0 40000 AIR PRODUCTS & CHEMIC COM 009158106 744 17960 SH SOLE 6760 0 11200 AKZO N V SPONSORED AD COM 010199305 232 11556 SH SOLE 1556 0 10000 ALCOA INC COM 013817101 634 32700 SH SOLE 12700 0 20000 ALLTEL CORP COM COM 020039103 924 20650 SH SOLE 10650 0 10000 AMERICAN EXPRESS CO COM 025816109 1564 47056 SH SOLE 47056 0 0 AMERICAN INTERNATIONA COM 026874107 680 13755 SH SOLE 13755 0 0 AMGEN INC COM 031162100 3239 56284 SH SOLE 38284 0 18000 AOL TIME WARNER COM 00184A105 485 44700 SH SOLE 31700 0 13000 AVNET INC COM 053807103 686 65456 SH SOLE 49256 0 16200 BANK OF AMERICA COM 060505104 724 10838 SH SOLE 10838 0 0 BANK ONE CORP COM 06423A103 2313 66805 SH SOLE 66805 0 0 BP PLC - ADR COM 055622104 2516 65210 SH SOLE 49860 0 15350 BSCH BANCO SANTANDER COM 05964H105 1528 240284 SH SOLE 171740 0 68544 CANADIAN IMPERIAL BK COM 136069101 520 16200 SH SOLE 16200 0 0 CARDINAL HEALTH INC COM 14149Y108 1326 23274 SH SOLE 16574 0 6700 CATERPILLAR INC COM 149123101 1491 30300 SH SOLE 23100 0 7200 CEMEX S A ADR SPSRD N COM 151290889 1523 87322 SH SOLE 66459 0 20863 CHARTER ONE FINANCIAL COM 160903100 1033 37350 SH SOLE 27350 0 10000 CHEVRONTEXACO CORPORA COM 166764100 376 5823 SH SOLE 5823 0 0 CHUBB CORP COM 171232101 987 22278 SH SOLE 12278 0 10000 CITIGROUP INC. COM 172967101 482 13977 SH SOLE 13977 0 0 DOW CHEMICAL CORP COM 260543103 2042 73943 SH SOLE 45096 0 28847 EMERSON ELECTRIC CO COM 291011104 307 6773 SH SOLE 6173 0 600 EOG RESOURCES INC. COM 26875P101 1658 41905 SH SOLE 41905 0 0 EXXON MOBIL CORPORATI COM 30231G102 2578 73771 SH SOLE 73771 0 0 FEDERAL NATIONAL MORT COM 313586109 2821 43168 SH SOLE 33068 0 10100 FIFTH THIRD BANCORP COM 316773100 407 8107 SH SOLE 8107 0 0 FLEETBOSTON FINL CORP COM 339030108 277 11604 SH SOLE 11604 0 0 GALLAGHER ARTHUR J & COM 363576109 1016 41400 SH SOLE 29400 0 12000 GANNETT COMPANY, INC. COM 364730101 239 3400 SH SOLE 0 0 3400 GATX CORP COM 361448103 237 16399 SH SOLE 16399 0 0 GENERAL ELECTRIC COMP COM 369604103 9434 369968 SH SOLE 238568 0 131400 GENERAL MOTORS CORP - COM 370442832 973 86896 SH SOLE 64896 0 22000 HCA INC COM COM 404119109 1094 26450 SH SOLE 26450 0 0 HOME DEPOT INC COM 437076102 1052 43175 SH SOLE 34375 0 8800 ILLINOIS TOOL WORKS I COM 452308109 2205 37917 SH SOLE 35917 0 2000 INTEL CORP COM 458140100 1137 69832 SH SOLE 63832 0 6000 INTERNATIONAL BUSINES COM 459200101 235 3000 SH SOLE 3000 0 0 J.P. MORGAN CHASE & C COM 46625H100 690 29086 SH SOLE 746 0 28340 JOHNSON & JOHNSON COM 478160104 1464 25299 SH SOLE 19299 0 6000 KIMBERLY CLARK CORP COM 494368103 1283 28216 SH SOLE 22116 0 6100 KYOCERA CORP ADR COM 501556203 723 14667 SH SOLE 9667 0 5000 LEHMAN BROTHERS HOLDI COM 524908100 363 6278 SH SOLE 6278 0 0 LIBERTY MEDIA CORP NE COM 530718105 801 82367 SH SOLE 69367 0 13000 LILLY, ELI AND COMPAN COM 532457108 803 14052 SH SOLE 14052 0 0 MEDIMMUNE INC COM COM 584699102 1468 44700 SH SOLE 34700 0 10000 MELLON FINL CORP COM 58551A108 514 24200 SH SOLE 24200 0 0 MERCK & CO COM 589331107 2429 44350 SH SOLE 30550 0 13800 MICROSOFT CORP COM 594918104 452 18668 SH SOLE 18668 0 0 MILLER, HERMAN, INC. COM 600544100 395 24533 SH SOLE 24533 0 0 MOLEX INC COM 608554101 379 17627 SH SOLE 5715 0 11912 MOLEX, INC., CLASS A COM 608554200 1537 83556 SH SOLE 71644 0 11912 NESTLE SA ADR COM 641069406 228 4600 SH SOLE 0 0 4600 NEWS CORPORATION LTD PFR 652487802 379 17733 SH SOLE 11733 0 6000 NORTHERN TRUST CORPOR COM 665859104 7284 239207 SH SOLE 156207 0 83000 NOVARTIS AG - ADR COM 66987V109 785 21178 SH SOLE 21178 0 0 OMNICOM GROUP COM 681919106 1002 18500 SH SOLE 15500 0 3000 PEPSICO INC COM 713448108 1646 41147 SH SOLE 36147 0 5000 PFIZER INC COM 717081103 2268 72795 SH SOLE 49995 0 22800 PHARMACIA CORP COM COM 71713U102 260 6000 SH SOLE 6000 0 0 PRAXAIR INC COM 74005P104 1342 23817 SH SOLE 19317 0 4500 PROGRESSIVE CORPORATI COM 743315103 712 12000 SH SOLE 12000 0 0 ROCKWELL COLLINS INC COM 774341101 1137 61900 SH SOLE 54900 0 7000 S B C COMMUNICATIONS, COM 78387G103 1501 74824 SH SOLE 64296 0 10528 SARA LEE CORP COM 803111103 445 23800 SH SOLE 15800 0 8000 SCHLUMBERGER, LTD. COM 806857108 3080 81028 SH SOLE 7828 0 73200 SERVICEMASTER COMPANY COM 81760N109 1919 191927 SH SOLE 101880 0 90047 TALISMAN ENERGY INC COM 87425E103 1031 26000 SH SOLE 26000 0 0 TARGET CORP COM COM 87612E106 1080 36900 SH SOLE 28900 0 8000 TIDEWATER INC COM 886423102 232 8067 SH SOLE 8067 0 0 TRANSOCEAN SEDCO FORE COM G90078109 316 15429 SH SOLE 0 0 15429 TRIBUNE CO COM 896047107 1804 40078 SH SOLE 40078 0 0 VERIZON COMMUNICATION COM 92343V104 508 14369 SH SOLE 14369 0 0 VODAFONE GROUP PLC COM 92857W100 2507 137608 SH SOLE 71608 0 66000 WAL MART STORES, INC. COM 931142103 914 17567 SH SOLE 17567 0 0 WALGREEN CO COM 931422109 1332 45200 SH SOLE 39700 0 5500 WELLS FARGO NEW COM 949746101 2453 54516 SH SOLE 34516 0 20000 WEYERHAEUSER CO COM 962166104 3525 73691 SH SOLE 73691 0 0 WYETH COM 983024100 1382 36554 SH SOLE 35354 0 1200